BANK OF AMERICA

Investor Relations

NOTICE OF EXERCISE OF WARRANTS TO THE CERTIFICATE HOLDERS OF PPLUSTRUST CERTIFICATESSERIES ELP-1 CLASS A CERTIFICATES(CUSIP NO. 740434766)*

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NEW YORK, Dec 17, 2010 (BUSINESS WIRE) -- The Bank of New York Mellon serves as warrant agent (the "Warrant Agent") for the above-referenced Trust (the "Trust") formed pursuant to the Standard Terms for Trust Agreements, dated February 20, 1998 and together with the Series Supplement, dated March 25, 2002, (the "Trust Agreement"). Capitalized terms used herein have the meanings set forth in the Trust Agreement.

Pursuant to the terms of the Warrant Agreement, dated as of March 25, 2002, (the "Warrant Agreement") between the Trust, Merrill Lynch Depositor, Inc., as Depositor (the "Depositor") and the Warrant Agent, the Warrant Agent has received a notice of exercise from the holder of the warrants (the "Warrantholder") to purchase all of the outstanding aggregate amount of the PPLUS Trust Certificates Series ELP-1 (the "Securities").

The date fixed for the exercise is December 30, 2010 (the "Exercise Date"). On the Exercise Date, 2,036,160 of the Securities will become due and payable at an exercise price equal to $25.8765625 for each Security being exercised, which includes accrued and unpaid interest up to, but excluding, the Exercise Date (the "Exercise Price"). From and after the Exercise Date, the Securities being exercised will cease to bear interest, and the only remaining right of the Certificateholders is to receive payment of the Exercise Price upon surrender of the Securities to the Warrant Agent.

Please be advised that the Certificateholders, by their acceptance of Securities, covenanted and agreed to tender any and all Securities to the Warrant Agent upon the Warrantholder's exercise of Warrants and deposit of the Exercise Price with The Bank of New York Mellon, as Escrow Agent for such Securities in accordance with the applicable procedures in the Warrant Agreement. The rights of the Certificateholders under the Trust Agreement and the Securities are limited by the terms, provisions and conditions of the Trust Agreement and the Warrant Agreement with respect to the exercise of the Warrants by the Warrantholder.

To receive payment of the Exercise Price for the Securities, a Certificateholder must surrender their Securities to the Warrant Agent at the following address:

By Mail or Hand Delivery

The Bank of New York Mellon

111 Sanders Creek Parkway

East Syracuse, New York 13057

Attn: Debt Processing Group

For more information about this exercise, you may contact The Bank of New York Mellon, 101 Barclay Street - 7W, Corporate Trust Administration - Maryann Joseph, Vice President, New York, New York 10286, (212) 815-2896.

Dated: December 16, 2010

*The CUSIP number listed above is for information purposes only. Neither the Trustee, the Depositor, nor the Warrant Agent shall be responsible for the selection or use of this CUSIP number, nor is any representation made to its correctness on the Securities or as indicated in any exercise notice.

SOURCE: Bank of America

The Bank of New York Mellon
Maryann Joseph, Vice President, 212-815-2896